Zacks Investment Research downgraded shares of Superior Industries International, Inc. (SUP) from OUTPERFORM to UNDERPERFORM on September 18, 2012, with a target price of $17.00.
Superior Industries International faces significant customer concentration risk as the Detroit Big Three represent about 75% of its sales. Further, unfavorable product mix and a weak Mexican peso continue to mar the company's results. In the most recent quarter, the company has disappointed by posting a significant 56.5% fall in profits to $6.4 million and missed the Zacks Consensus Estimate by $0.06 per share. Further, its revenues of $215.1 million were also lower than the Zacks Consensus Estimate of $222.0 million. As such, we have downgraded our recommendation on the company's shares from Outperform to Underperform and set a target price of $17.00.
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